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JPMorgan lowers benchmark interest rate following Fed rate cut

NEW YORK, July 31 (Reuters) - The largest U.S. bank by assets, JPMorgan Chase & Co, lowered its prime rate, a benchmark for a wide range of consumer and commercial loans, for the first time in more than a decade on Wednesday, following a rate cut from the Federal Reserve.

Starting Aug. 1, the bank's prime rate will be lowered by 25 basis points to 5.25%, according to an announcement by the bank. (Reporting By Elizabeth Dilts; Editing by Steve Orlofsky)